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Facts about these issues can be found in Just Facts’ article, “Do Large National Debts Harm Economies?

“ Consumption is conventionally viewed as the preferred welfare indicator, for practical reasons of reliability and because consumption is thought to better capture long-run welfare levels than current income.[88] [89] [90] * The U. Department of Labor collects data on a subset of consumption called “consumer expenditures.” This includes all direct purchases by households, including those made with the proceeds of government benefits like cash welfare and food stamps.

GDP is defined by the equation: Hours worked × Labor productivity.[76] [77] GDP per capita provides a general index of a country’s standard of living.

Countries with low GDP per capita and slow growth in GDP per capita are less able to satisfy basic needs for food, shelter, clothing, education, and health.[78] * In 2012, the Journal of Economic Perspectives published a paper about the economic consequences of government debt.

He did this by comparing how many Big Macs they could buy with their income from an hour of work. The distribution of pretax income from 1979–2013 varied as follows: * According to Piketty and Saez, from 1979 to 2013, the pre-tax income share of the top 10% grew by 12 percentage points.

The advantage of using this measure is that: The most important factor determining living standards is productivity growth, defined as increases in how much can be produced in an hour of work. This is because it excludes sectors that are volatile or don’t produce concretely measurable output.[148] [149] [150] * If the labor productivity slowdown that took place from 2005–2015 had not occurred, the U. economy in 2015 would have been about trillion larger. population increased 145%.[198] During this same period, the portion of unmarried or non-family households rose from 24% to 52%: * The Gini index based on Census Bureau cash household income does not capture all income and taxes.[201] From 1979 to 2003, the Census Bureau published Gini data based on more comprehensive measures of household income. Comprehensive income data from the Congressional Budget Office show that the income share of the top 10% after federal taxes grew by 7 percentage points during this period: * In 2006, Piketty and Saez claimed that when comparing federal taxes and government benefits from 1980 to 2004, the “decrease in taxes at the top [1%] outweighs the increase in benefits at the bottom.”[245] NOTE: When interpreting the facts in this section, it is important to realize that correlation does not prove causation.

In about 85% of these countries, intangible capital accounted for more than half of their wealth.[270] Per the study: Today, women make up about half our workforce.

But they still make 77 cents for every dollar a man earns. A woman deserves equal pay for equal work.[286] [287] [A]fter we controlled for all the factors included in our analysis that we found to affect earnings, college-educated women working full time earned an unexplained 7 percent less than their male peers did one year out of college.

Once we control for outside factors the wage gap between men and women shrinks considerably.

Now women earn typical pay that is on average 98% of the typical pay for men by major. Therefore, when looking at gender-specific pay by major for a controlled sample, the wage gap all but disappears.

Our analysis of the gender pay gap is the first to include fringe benefits in a comprehensive measure of compensation for men and women.

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Purchasing power parities allow for accurate measures of economic data across countries, because they relate the prices of the same goods and services in different nations.[34] [35] * In keeping with Just Facts’ Standards of Credibility, all graphs in this research show the full range of available data, and all facts are cited based upon availability and relevance, not to slant results by singling out specific years that are different from others. Capital and business income provided 28%, and employer-paid benefits made up the remaining 11%.

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